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Blogger Profile: William Black

William K. Black is author of 'The Best Way to Rob a Bank Is to Own One' and Associate Professor of Economics and Law at the University of Missouri-Kansas City School of Law. He was the Executive Director of the Institute for Fraud Prevention from 2005-2007 and previously taught at the LBJ School of Public Affairs at the University of Texas, and at Santa Clara University. A federal regulator during the Savings and Loan crisis, he appears in Michael Moore's 'Capitalism: A Love Story.'

William Black's Blogs

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William Black

Former financial regulator

June 1st, 2011

Bill Black: Bad Cop; Crazed Cop – the IMF and the ECB

Cross posted from New Economic Perspectives Greetings again from Ireland. One of the many mysteries about the current crisis is why anyone listens to the IMF or anyone that supported its anti-regulatory policies. Prior to the crisis, even the IMF had begun to confess that its austerity programs made poor ... continue reading

William Black

Former financial regulator

April 28th, 2011

My Class, right or wrong – the Powell Memorandum’s 40th Anniversary

August 23, 2011 will bring the 40th anniversary of one of the most successful efforts to transform America. Forty years ago the most influential representatives of our largest corporations despaired. They saw themselves on the losing side of history. They did not, however, give in to that despair, but rather ... continue reading

William Black

Former financial regulator

January 21st, 2011

Obama Embraces the "Economic Philosophy That Has Completely Failed"

President Obama's Executive Order on regulatory review was originally set in motion by his February 3, 2009 direction to OMB to create an improved regulatory review process.The fundamental principles and structures governing contemporary regulatory review were set out in Executive Order 12866 of September 30, 1993. A great deal has ... continue reading

William Black

Former financial regulator

January 19th, 2011

'An Economic Philosophy That Has Completely Failed'

I get President Obama's "regulatory review" plan, I really do. His game plan is a straight steal from President Clinton's strategy after the Republican's 1994 congressional triumph. Clinton's strategy was to steal the Republican Party's play book. I know that Clinton's strategy was considered brilliant politics (particularly by the Clintonites), ... continue reading

William Black

Former financial regulator

January 3rd, 2011

How Did a Relatively Small Number of Subprime Loans Cause a Record Crisis?

A number of analyses of the U.S. and global crisis begin by attempting to explain what they assume to be a paradox -- how could so small a market segment (subprime housing and CDOs backed by subprime) have caused (1) the largest financial bubble in history, (2) a U.S. economic ... continue reading

William Black

Former financial regulator

December 29th, 2010

2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

The role of the criminal justice system with regard to financial fraud by elite bankers in 2011 is likely to reprise its role last decade -- de facto decriminalization. The Galleon investigation of insider trading at hedge funds will take much of the FBI's and the Department of Justice's (DOJ) ... continue reading

William Black

Former financial regulator

December 27th, 2010

Why Cash Incentives for Whistleblowers Are So Useful Against Control Frauds

Marty Robins' December 15, 2010, column "Blow the Whistle on Pointless Whistleblowing" in The Huffington Post opposed the SEC implementing the Dodd-Franks Act's provision that the SEC should develop a system of financial incentives for whistleblowers. Mr. Robins is a former corporate counsel with strongly conservative, anti-regulatory views. His purpose ... continue reading

William Black

Former financial regulator

December 10th, 2010

The Effort to Claim That Economists Support Obama's Capitulation on Tax Cuts for the Wealthy

You know the administration is desperate when it creates a web page citing economists who support its capitulation on taxes.The web page cites the support of five economists. Peter Cardillo, the Bank of America, Greg Mankiw, and Wells Fargo (are the second through fifth economists on Obama's list). Who are ... continue reading

William Black

Former financial regulator

December 8th, 2010

What Aspect of Dealing with Bullies Did Obama Fail to Learn as a Child?

President Obama has adopted Republican tax policies he knows to be disastrous for the nation. Obama never learned, or forgot, one of the essential lessons of junior high school – how to deal with bullies. (This is proof positive that he is a native-born American – he never would have ... continue reading

William Black

Former financial regulator

October 26th, 2010

Foreclose on the Foreclosure Fraudsters, Part 2: Spurious Arguments Against Holding the Fraudsters Accountable

Written with L. Randall WrayOur call for closing down control frauds and stopping the foreclosure frauds typically meets with three objections. First, it is claimed that while there were some bad apple lenders, much of the fraud was committed by borrowers. Our proposal would let fraudulent borrowers remain in homes ... continue reading

William Black

Former financial regulator

October 22nd, 2010

Foreclose on the Foreclosure Fraudsters, Part 1: Put Bank of America in Receivership

Written with L. Randall WrayAfter a quick review of its procedures, Bank of America this week announced that it will resume its foreclosures in 23 lucky states next Monday. While the evidence is overwhelming that the entire foreclosure process is riddled with fraud, President Obama refuses to support a national ... continue reading

William Black

Former financial regulator

October 16th, 2010

Capitalism Would Have Killed the Chilean Miners: A Reply to Mr. Henninger

One of our family sayings is: "you can't compete with self-parody". Daniel Henninger is the most recent proof of this saying. He authored a column on October 14, 2010 entitled "Capitalism Saved the Miners." Mr. Henninger is an editorial writer/editor for the Wall Street Journal. His essay, of course, was ... continue reading

William Black

Former financial regulator

October 13th, 2010

What Obama Could Do Now, Without Congress, to Fix the Mortgage Meltdown

1. Appoint (on a recess basis) Michael Patriarca as head of the Federal Housing Finance Agency (FHFA).[Mike was the OCC wunderkind who was in charge of supervising the largest national banks then served as head of the OTS' West Region where he served with even greater distinction. He has worked ... continue reading

William Black

Former financial regulator

August 13th, 2010

Algebra for Dummies: Mathematical 'Proof' of the Inferiority of Homosexuals

Most forms of open revulsion for despised minorities have been banished from academic literature. But the academic campaign against rights for gays is proud about its descent into ever more virulent attacks on gay people and homosexuality.One stream of the attacks seeks to prove that gays and homosexual are inferior. ... continue reading

William Black

Former financial regulator

July 8th, 2010

SEC & MMS: A Tale of Two Failures

Written with Eliot SpitzerHow many disasters will it take to overhaul the regulatory agencies? The SEC and the Minerals Management Service’s (MMS) share a number of characteristics we can’t help but notice in the wake of the worst environmental disaster in U.S. history, which followed the second-worst financial disaster in ... continue reading

William Black

Former financial regulator

April 21st, 2010

A Tale of Two Paulsons

The Senate Banking Committee released the findings from its investigation of Washington Mutual – the largest S&L and largest bank failure. My research specialty is “control fraud.” These are frauds led by those that control seemingly legitimate entities and use them as a “weapon” to defraud. Financial control frauds’ “weapon ... continue reading

William Black

Former financial regulator

February 7th, 2010

An Open Letter to Dr. Walter E. Massey, Chairman, Bank of America, President, emeritus, Morehouse College

An Open Letter to Dr. Walter E. MasseyChairman, Bank of AmericaPresident, emeritus, Morehouse CollegeFromWilliam K. BlackAssociate Professor of Economics and LawUniversity of Missouri – Kansas CityFebruary 6, 2010Re: Hans-Olaf Henkel, Bank of America’s Senior Advisor in GermanyDear Dr. Massey,I am writing in my individual capacity. It came to my attention ... continue reading

William Black

Former financial regulator

November 23rd, 2009

Why is Obama Championing Bush's Financial Wrecking Crew?

Tom Frank's book: The Wrecking Crew explains how the Bush administration destroyed effective government and damaged our social fabric and our economy. The Obama administration has chosen to reward two of the worst leaders of Bush's crew – Geithner and Bernanke – with promotion and reappointment. Embracing the Wrecking Crew's ... continue reading

William Black

Former financial regulator

November 2nd, 2009

Animal House Rules: Treasury Proposes to Use DOUBLE SECRET PROBATION

You can never compete with self-parody, and Treasury and the Fed have mastered the art. The proposed legislation to respond to systemically dangerous institutions (SDIs) reveals that the Fed and Treasury are sowing the seeds for the next crisis. But the bill is also wonderfully wacky. The core of the ... continue reading

William Black

Former financial regulator

October 13th, 2009

Finance's Five Fatal Flaws

1.    The financial sector harms the real economy.The financial sector, even when it is not in crisis, harms the real economy.  First, it is vastly too large.  The finance sector is an intermediary (a “middleman”) and like all middlemen it should be as small as possible while still being capable ... continue reading

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George W. Bush Debuts New Paintings Of Dogs, Friends, Ghost Of Iraqi Child That Follows Him... www.theonion.com President Bush has a new hobby -- painting! --...

Apr 17th
7:28 PM
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Big new story from David Sirota and Pando on top Christie adviser and appearance of corruption at New Jersey's pension fund: REVEALED: Gov....

Apr 17th
12:41 PM
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FBI Uncovers Al-Qaeda Plot To Just Sit Back And Enjoy Collapse Of United States www.theonion.com WASHINGTON—The FBI announced today that it has uncovered a...

Apr 15th
3:28 PM
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Revealed: Rahm Emanuel's top donor bought stock in Marriott just before it was awarded huge contract pando.com As schools are closed and pensions cut,...

Apr 9th
2:00 PM
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I'll be at First Time Fest today in New York City at the screening of my first film, Roger & Me. Loews Village 7 at 12:30 pm. Come see it on the big...

Apr 5th
9:48 AM
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Revealed: Rahm Emanuel cuts public pensions, diverts money to benefit campaign donors pando.com If you've read the financial news out of Chicago the last...

Apr 4th
2:19 PM
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Please take a moment today to think of Casey Austin Sheehan, son of Cindy and Patrick, who was murdered by U.S. foreign policy in Sadr City, Baghdad ten years...

Apr 4th
2:00 PM
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ICYMI - I've joined this "thunderclap" to support the Connecticut legislators who voted yes on last year's Act Concerning Gun Violence...

Apr 3rd
7:38 PM
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I've joined this "thunderclap" to support the Connecticut legislators who voted yes on last year's Act Concerning Gun Violence Prevention...

Apr 2nd
8:27 PM
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I am opposed to the death penalty, but to every rule there is usually an exception, and in this case I hope the criminals at General Motors will be arrested...

Apr 1st
3:55 PM
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How Long Some in the US Will Survive Under New Health Law ...by Donna Smith www.michaelmoore.com Those who must access care to live and can afford it are not...

Mar 31st
10:13 PM
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Last night, The Good Wife on the East Coast started 40 minutes late due to the overrun of the NCAA basketball game. If you had your DVR set for the show, you...

Mar 24th
5:41 PM
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Watching films today, looking for the ones I'm going to pick for my film festival this summer. I (and a whole bunch of others!) have this thing we put on...

Mar 23rd
4:48 PM
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When the U.S. Health Care System Keeps Killing, Who Cares Enough to Fight? ...by Donna Smith www.michaelmoore.com We have largely forgotten that people are at...

Mar 21st
5:56 PM
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Tell the White House not to give up on Dr. Vivek Murthy's nomination as Surgeon General despite the ferocious opposition from the NRA: Don't give...

Mar 21st
5:38 PM
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This criminal would never see a jail cell, nor would his cronies. In fact, they'd later be rewarded with re-election: Presidential Address on War with...

Mar 19th
9:40 PM
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The crime of the century -- our invasion & slaughter in Iraq -- started 11 years ago tonite in this 7pm (ET) hour, March 19th, 2003: CNN Coverage of...

Mar 19th
9:08 PM
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Washington’s Back-to-the-Future Military Policies in Africa ...by Nick Turse www.michaelmoore.com Nick Turse is an award-winning journalist, historian,...

Mar 17th
4:59 PM
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"I think democracy is the most revolutionary thing in the world." -- Tony Benn, 1925-2014 Tony Benn in 'Sicko'

Mar 14th
10:07 AM
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RIP Tony Benn, one of the UK's greatest leaders: Tony Benn, veteran Labour politician, dies aged 88 www.theguardian.com Former cabinet minister died at...

Mar 14th
9:53 AM
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Please read this important story from K. Ford K.: Am I the Face of the New American Middle Class? www.huffingtonpost.com I began to feel I had slipped so low...

Mar 13th
2:24 PM
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Yesterday Dianne Feinstein revealed that the CIA has been spying on the Senate Intelligence Committee. This is all about the report the committee has produced...

Mar 12th
6:48 PM
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Health Care for All Colorado has brought Mercy Killers, a show written and performed by Michael Milligan about our murderous for-profit healthcare system, to...

Mar 10th
1:08 PM
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Health Care Dramas that Sting and Why We Have to Watch ...by Donna Smith www.michaelmoore.com The realities Milligan has written into the show cut deep into...

Mar 10th
1:02 PM
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Did you know the Lehrer Newshour on PBS has been produced for 20 years by a company owned by conservative cable billionaire John Malone? Me neither. After...

Mar 7th
8:39 PM
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Mr. Obama, if int’l law is so damn crucial . . . | RootsAction.org act.rootsaction.org The Russian intervention deserves criticism. But let’s be clear. The...

Mar 6th
1:21 PM
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Enron billionaire John Arnold thinks everyone should believe him when he says we've got to cut pensions because he's so incredibly rich: John...

Mar 5th
4:20 PM
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More in David Sirota's continuing series on the billionaire takeover of PBS: More PBS conflict woes as activists move to eject David Koch from board of...

Mar 3rd
12:35 PM
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Ukraine: One ‘Regime Change’ Too Many? ...by Ray McGovern www.michaelmoore.com Is “regime change” in Ukraine the bridge too far for the neoconservative...

Mar 2nd
9:25 PM
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